The company OnTrucka transport technology platform, has raised €25 million in Series B funding, which will enable it to finance its expansion in Europe and consolidate its position in the UK and Spain.
The round is led by global private equity fund Cathay Innovationa fund of Venture Capital specialising in technology companies.
Founded in 2016, it is one of a number of start-ups that are trying to "digitise" the commodities market, which today remains a rather traditional and opaque sector.
OnTruck describes its technology as automating the matching of loads to trucks and real-time GPS tracking of all shipments. The company's algorithms also attempt to dispatch work in a way that significantly reduces empty trips, which is a particularly common problem for the regional and short-haul market OnTruck targets. "Regional transport is where shippers and truckers suffer the most inefficiency, with more than 40% of the kilometres travelled empty," says OnTruck CEO Iñigo Juantegui.
OnTruck's customers include large multinationals such as Procter & Gamble and Decathlon, as well as more than 400 medium-sized companies in the UK and Spain.
The Series B financing round has enabled OnTruck to raise €25 million in funding. The transaction was led by the private equity fund Cathay International and also involved new investors, such as GP Bullhound, as well as existing shareholders Atomico, Idinvest Partners, All Iron Ventures, Total Energy Ventures, Point 9 Capital andSamaipata Ventures.
According to Juantegui, the new funding will be used to consolidate its market positions in these two countries, and to expand into more countries in Europe, such as France and Germany.
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